(Read more on the industrial market.)
SAVANNAH, GA-Honolulu-based A&B Properties Inc. has enteredinto a contract to acquire the one-million-sf Savannah LogisticsCenter for nearly $50 million. The property is being constructed byAtlanta-based Oakmont Industrial Group.
A&B, the real estate subsidiary of Alexander & BaldwinInc., will fund the acquisition using proceeds from recent andpending real estate sales, including various tax-deferred sources.The transaction is expected to close in the first quarter of 2008once construction is completed. The property, located at S.H.Morgan Parkway at Pooler Parkway, consists of a 710,844-sf crossdock building and a 324,832-sf front load building. It includes 201truck doors and 459 trailer spaces and offers access to Interstate16, Interstate 95 and the Port of Savannah.
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